Am I ok to leave work loan out ?

[whoops]

Hi

I am in talks with CCCS and they have suggested an IVA for debts of £40,000. The problem is that I work for a Financial Services company and one of the loans I hold is with them ?? I have not disclosed this debt to CCCS as I do not want my work to be considered as part of the IVA ( only owe a small amount of £2000 .

I wish to continue paying my work loan off at the orginal agreed rate as I do not want to reduce the amount I pay then as I feel this may effect my job and reputation in the company. Am I ok to leave this out and continue to pay of my work at the normal rate or do I need to disclose this ?? I would really rather not and feel I may have to cancel the whole IVA thing rather than include them ... I really see this as a light at the end of the tunnel but i am worried about this one thing ... Can anyone offer advice ??

[MelanieGiles]

Hi Whoops and welcome to the forum

I can only answer if I were representing you, but if I was I would disclose the employer loan to your other creditors but treat the ongoing repayments as essential on the grounds that you would lose your job if your employer found out about the IVA. CCCS may have differing views so you will need to check this out with them.

Are the repayments deductred from yoru salary, and over what period do you feel the loan could be repaid? In order that your other creditors do not suffer as a result, you might like to offer some additional payments at the end of the IVA as a gesture of goodwill.

[whoops]

Hi Melanie amd thank you for your response

Work Loan is claimed via DD ... I have since spoken to CCCS and they ahve advised very similar to you ... the only issue is that they ahve said that because an IVA is a legal agreement then they would have to write to my work ??? This means they would find out and this is what I want to avoid ....

My new partner ( bless him ) has offered to try and raise the money to pay my work debt so should i do this ?? Would this mean that they would not have to contact them if this particular debt was cleared ( in your opinion ) ... I am just going through the whole set up a new bank account and send in / collate various documents and i must admit I am getting more nervous the further i get into this but i know i have to do something ...

Also ... do you know what LTSB are like at accepting IVA'S ??? Up to date with 2 loans and a credit card and overdraft ( they are my biggest creditor ) but will miss this month probably as i am going ask for my wages to be paid into my new bank account as soon as this is sorted, which i hope will be before the end of the month.

When should i let LTSB know that i am in talks with CCCS ?

Kind Regards

W xx

[Adam Davies]

Hi
You could ask your partner to clear your work debt,this would be the ideal answer.
Take a second opinion from Melanie regarding who represents you for your IVA,her post seems to infer that she will not contact your employer
Regards

[whoops]

Thanks for the advice ... I too had a feeling that Melanie was suggesting that she would not contact my work ??? I think i should give CCCS a call and ask them if the only reason they were going to make contact with work was because i have a loan with them ? I cant see why they would need to other wise ...

Melanie any advice on this ?

W X

[MelanieGiles]

That is a good idea to get a third party to pay off the debt - your partner will then rank as a creditor in his own right. If this is done then there is certainly no need to contact your employer at all. CCCS are technically right that all known or contingent claims ought to be notified.

[whoops]

Thanks v much Melanie ... I will not need to include my partner as a creditor though as ( bless him again ) he has said that becuase i contribute to the household bills then the money i pay each month can be included in the IVA and he does not want any extra from me each month ....

I think i will take him up on the offer and then get this ball rolling as i am losing too much sleep over all this now ... i wake up thinking about my debts and go to bed thinking about them ... I just want to think about something else for a change as my kids and work are now starting to suffer due to my mood swings ( more than the usual once a month )

W xx

[MelanieGiles]

You're a lucky lady - we could all do with one at home like him. Good luck with your IVA proposal and do let us know how you get on.

[whoops]

Also .... LTSB ... Any thoughts ??? Good or Bad

W x

[MelanieGiles]

They are represented by KPMG who are very reasonable and commercial, but they will not accept IVAs if they are owed 75% or more of the overall debts.

[whoops]

Would you be kind enough to have a look at this and see what you think regarding your last post ... I would be really gratefull

LTSB Overdraft 2,000
LTSB Loan 13,300
LTSB Loan 2,013
LTSB Card 5,900
Egg 10,300
Mint 5,900

W x

[MelanieGiles]

That's 59% of the overall debt, so you should be fine.

[whoops]

Thanks for that ... Just wanted an expert eye

W x

p.s this site is fab for restoring your faith in the hope that there is light at the end of a black tunnel ....